NNPC Limited has announced that its subsidiary, NNPC Shipping, has entered into a joint venture agreement with Stena Bulk and Caverton Marine Limited to enhance petroleum product transportation across the industry.
According to a statement from the company’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, the partnership will establish a new tanker operation to meet the crude oil, refined product, and LNG shipping demands of Nigeria, West Africa, and global markets. The agreement, signed in London last week, is expected to revolutionize Nigeria’s maritime transportation sector.
“The joint venture partners will create a new company whose objective is to provide top quality, reliable and efficient maritime transport,” Soneye stated. He added that the partners will explore opportunities to develop a modern and efficient fleet of tankers, consisting of both new and existing vessels, based on market conditions and commercial prospects.
The partners will assess vessel acquisition options and long-term charter arrangements while prioritizing competitive operating costs, safety, and sustainability. “This fleet will primarily serve the logistics needs of NNPC (crude, clean, and LNG/LPG),” the statement noted.
Beyond NNPC’s logistics, the new company will also offer services to other oil producers and traders, leveraging its modern fleet, financial strength, and strong maritime heritage.
Managing Director of NNPC Shipping, Panos Gliatis, described the partnership as a crucial step in modernizing Nigeria’s maritime infrastructure. “By combining our expertise with Stena Bulk and Caverton Marine, we are creating a robust platform that will enhance our domestic refining, import, and export capabilities while strengthening Nigeria’s position in global energy logistics,” he said.
Stena Bulk’s President & CEO, Erik Hånell, highlighted that the partnership aligns with the company’s strategy to expand its presence in key growth markets while upholding high operational and sustainability standards. “Nigeria’s energy sector is undergoing remarkable transformation, and we’re proud to be part of this journey,” he said.
Similarly, Johan Jäwert, Head of Stena Bulk USA, expressed enthusiasm about working with Caverton and NNPC to develop shipping activities locally. “Combined with our know-how across all aspects of commercial and technical shipping, we will create a world-leading shipping company providing first-class service to the energy market,” he stated.
